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Columbia, SC - CAFR Analysis
Using your selected CAFR, please answer the following questions (due the end of Week 6 in the assignments folder):
1. What type of information is presented in the Introductory Section of the CAFR? Provide a brief summary of each type.
2. What are the key issues addressed in the letter contained in the Introductory Section?
3. What type of information is presented in the Financial Section of the CAFR? Provide a brief summary of each type.
4. What type of audit opinion did the entity receive, and were there any matters of emphasis?
5. What are the key issues/items addressed in the Management's Discussion & Analysis? Provide a brief summary.
6. What kind of information is presented in the Government-wide Financial Statements?
7. What kind of information is presented in the Fund Financial Statements, and what are the major funds presented?
8. What type of information is presented in the Statistical Section of the CAFR?
9. Where is the budget-to-actual comparisons of the major funds located, and what are the largest reconciling items?
10. How can you tell if the government encumbers goods and services and if so, are they reflected on the Government-Wide financial statements and the Fund financial statements?
11. How can you tell if encumbrances (amounts obligated by the government for future expenditures) will be expended in the following year or if those amounts have to be "rebudgeted" in the following year?
12. Describe the main sources of revenue for (1) the governmental activities and (2) the business-type activities of the government entity. Where in the CAFR can this information be located?
13. What is the accounting basis for recognizing revenues? How can the reader determine this basis?
14. Does the government entity report deferred or unearned revenues, deferred outflows of resources, or deferred inflows of resources? What are they?
15. Does the government collect revenue from property taxes? What is the property tax rate, when are property taxes due, and when do penalties and interest accrue?
16. What are the ending fund balances by category for each of the major funds presented?
17. Does the government classify expenditures by function or object, and does it differ significantly in the government-wide financial statements versus the government funds financial statements?
18. Where is depreciation expense reported?
19. What are the Other Financing Sources and Uses the government entity reported in the governmental funds financial statements?
20. What capital projects funds did the government report (hint: also look in the schedules following the notes)? Are any of these funds reported as major funds, and how can you tell?
21. Select the largest capital project fund reported, and identify the significant resources reported that were or will be used to finance construction expenditures.
22. What debt service funds did the government report (hint: also look in the schedules following the notes)? Are any of these funds reported as major funds, and how can you tell?
23. What long-term debt is being reported in the government-wide financial statements and notes?
24. Did the government entity increase or decrease its long-term debt borrowings during the year, and what was the total effect on total long-term liabilities at year end?
25. What is the total long-term debt obligation for both governmental and business-type activities, and do these amounts reconcile with the amounts report on the government-wide Statement of Net Position?
26. Were any of the government's enterprise funds profitable during the year? Was there an operating profit or were additional resources required (nonoperating revenues) included? What does the government do with the earnings (i.e. retain, spend, transfer to the general fund, etc.)?
27. Does the government have revenue bonds or pledged revenues associated with business-type activities? Please explain.
28. Do the financial statements include a Statement of Cash Flows? What are the categories presented and were there net inflows or outflows in each of these categories? What was the net change in cash during the year?
29. Has the government entered into Service Concession Arrangements? If so, please explain the nature of this arrangement.
30. Other than bonds, what other long-term debt, such as compensated absences, was reported on the financial statements or in the notes?
31. What are the main classes of capital assets presented in the government's Statement of Net Position and in the notes to the financial statements?
32. What is/are the government's threshold(s) for capitalizing general and intangible capital assets?
33. What are the amounts of depreciation charged to governmental activities in the government-wide financial statements?
34. What are the government's policies regarding accounting for infrastructure assets (roads, bridges, etc.)?
35. Does the government appear to have any investments that are considered risky? Explain.
36. What are the types of internal service funds reported and did any of the internal service funds report a significant operating surplus or deficit for the year?
37. Were any of the government's enterprise funds profitable for the year and if so, what are the government's policies regarding the use of net income or net earnings?
38. Does the government have pledged revenues or revenue bonds that are related to any of the enterprise funds?
39. Which categories of the Statement of Cash Flows resulted in net cash inflows? Which categories resulted in net cash outflows?
